EXFO ($50 beauty run) Sales up 144% to US$28.5 Million - Net Earnings from Operations up 477% to US$7.5 Million raises guidance...
QUEBEC CITY (Canada), Jan. 17 /PRNewswire/ - EXFO Electro-Optical Engineering Inc. (NASDAQ: EXFO, TSE: EXF) today reported record sales and operating results for the first quarter of fiscal 2001.
Sales increased 144% to US$28.5 million in the first quarter from US$11.7 million for the same period in fiscal 2000, and 23% sequentially from US$23.1 million in the fourth quarter of 2000.
Net earnings from operations increased 477% to US$7.5 million, or $0.16 per share, for the first quarter from US$1.3 million, or $0.03 per share, for the same period in fiscal 2000, and 117% sequentially from US$3.5 million, or $0.08 per share, for the fourth quarter in 2000. Net earnings from operations in the first quarter of 2001 included a gain in foreign exchange of $0.03 per share.
``EXFO's outstanding first-quarter results reflect the inroads we're making in the optical component and system manufacturer market as well as our leadership position in the carrier market,'' said Germain Lamonde, Chairman, CEO and President of EXFO. ``The true measure of a company's success is whether it can outperform the market and, according to our numbers, we're outperforming it in both sectors.''
Sales cycles for products that had been released in 2000 began reaching maturity in the first quarter of 2001. The DWDM Passive Component Test System, which enables optical component manufacturers to reduce testing time from hours to mere seconds on the production floor, the second-generation Optical Spectrum Analyzer for DWDM fiber deployment in the field, and the new C+L-band tunable laser have received wide acceptance from customers.
As a result of the increased demand for its products, EXFO has decided to raise its guidance for fiscal 2001.
``Sales should be in the range of US$140 million and US$150 million for fiscal 2001,'' Lamonde said. ``We expect the bottom line to increase as well.
``Our cash earnings per share from operations should be in the range of US$0.40 and US$0.45 for fiscal 2001. Cash earnings do not include amortization of goodwill.''
Selling and administrative expenses amounted to US$8.9 million, or 31.3% of sales, for the first quarter compared to US$4.1 million, or 35.3% of sales, for the same period in fiscal 2000 and US$7.8 million, or 33.8% of sales, for the fourth quarter of fiscal 2000.
Gross research and development expenses were US$2.8 million, or 10.0% of sales, in the first quarter compared to US$2.2 million, or 18.7% of sales, for the same period in fiscal 2000 and US$2.4 million, or 10.5% of sales, for the fourth quarter of 2000.
The audio Web cast of EXFO's Annual and Special Meeting and first-quarter results for 2001 can be accessed live on its Web site, under Investors, at 10:30 a.m. (Eastern time) today.
The replay of the Annual and Special Meeting and first-quarter results for 2001 can also be accessed via telephone after 12:30 p.m. (Eastern time) today until midnight (Eastern time) January 24, 2001. The replay number is (416) 626-4100 |
